The purpose and characteristics of Inventory section of this course covers an introduction of the purpose of inventory and also the many different characteristics involved within inventory. Covered within the content is the following topics:
- What is Inventory?
- Raw Materials
- Work-in-Progress
- Finished Goods
- Consumables
- The Purpose of Inventory
- Safety Stock
- Re-order Point
- Supplier Lead Time
- Stock Rotation
- Inventory Categorisation – ABC/Pareto Analysis
- Forecasting Demand
- Simple Moving Averages
- Weighted Average/Exponential Smoothing Forecasting
- Inventory Locations
- Inventory Coding